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FxWirePro: NZD/USD sustains gains as uptrend remains strong

• NZD/USD edged higher on Friday as the greenback weakened ahead of key inflation data for signals on the Federal Reserve's policy path ahead of next week’s meeting.. • U.S. data on Thursday showed jobless claims fell to…

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FxWirePro: NZD/USD sustains gains as uptrend remains strong
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• NZD/USD edged higher on Friday as the greenback weakened ahead of key inflation data for signals on the Federal Reserve's policy path ahead of next week’s meeting..

• U.S. data on Thursday showed jobless claims fell to 191,000 last week—the lowest in over three years and well below the 220,000 forecast..

•  ADP data released on Wednesday showed that private payrolls declined by 32,000 in November, marking the steepest drop in over two and a half years...

• Investors are awaiting the delayed September Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s preferred inflation gauge, due at 1500 GMT.

• The market is still pricing a 91% probability of a 25 bps cut at the upcoming meeting given lack of improvements in the economic data.

• Economists forecast that the Federal Reserve will cut its key interest rate by 25 basis points at its December 9–10 meeting, as the central bank aims to support a cooling labor market..

•  Immediate resistance is located at 0.5798(Higher BB), any close above will push the pair towards 0.5824 (61.8%fib).

•  Support is seen at 0.5752(50%fib) and break below could take the pair towards 0.5678 (38.2%fib).

 Recommendation: Good to buy  around 0.5770, with stop loss of 0.5700 and target price of 0.5860

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